Essex County, Massachusetts, a core county of the Boston-Worcester-Providence, MA-RI-NH market, holds $31.6B in deposits across 34 insured institutions and 221 branches. Salem Five Cents Savings Bank is the largest deposit holder at 14.3% share. The top three institutions hold 38.9% of deposits, which places the county in the fragmented band. Deposits have grown 7.8% since 2020 while the branch count fell by 28. It produces $48.4B of output, ranking #98 of the 1,523 counties within a CSA or MSA by economic output.
Deposit trend
Branches: 249 in 2020 to 221 in 2025. Institutions: 35 to 34. Top-three share: 33.7% to 38.9%.
Leading institutions by deposits
| Institution | Deposits | Share | 5‑yr |
|---|---|---|---|
| Salem Five Cents Savings Bank | $4.5B | 14.3% | +49% |
| TD Bank, National Association | $4.2B | 13.2% | +10% |
| Eastern Bank | $3.6B | 11.3% | +35% |
| Institution for Savings in Newburyport and Its Vicinity | $3.3B | 10.3% | +10% |
| Bank of America, National Association | $2.9B | 9.1% | -5% |
| Santander Bank, N.A. | $2.0B | 6.4% | +7% |
| North Shore Bank, a Co-operative Bank | $1.4B | 4.3% | +10% |
| Citizens Bank, National Association | $1.0B | 3.2% | +11% |
| Newburyport Five Cents Savings Bank | $993M | 3.1% | +45% |
| Cape Ann Savings Bank | $741M | 2.3% | +37% |
The 10 insured institutions with a branch presence in this county, as of June 30, 2025. Five-year change compares the same institution’s county deposits in 2020 and 2025. Institutions are tracked by FDIC certificate number, and where an institution acquired another bank, the acquired bank’s prior deposits are folded into the baseline so the change reflects the combined, continuing franchise rather than reading as new. Even so, a large gain can reflect acquisition rather than organic growth; “no 2020 presence” means neither the institution nor a bank it later absorbed reported deposits in this county that year.
Part of the Boston-Worcester-Providence market
Essex County is one of 18 counties that make up the Boston-Worcester-Providence, MA-RI-NH market, a Combined Statistical Area (ranked #6 of 293 U.S. markets by economic output). It produces 6.7% of the market’s output and holds 4.8% of its deposits.
| Measure | Essex County | Share of Boston-Worcester-Providence market |
|---|---|---|
| 2024 GDP | $48.4B | 6.7% |
| Deposits | $31.6B | 4.8% |
| Population | 826,653 | 9.7% |
View the full Boston-Worcester-Providence market profile →
Recruiting in Essex County
Deposits are spread across a competitive field of institutions, so the bankers worth recruiting are dispersed across more of them. Who holds the deposits, and how contested the market is, shapes both the runway for growth and the competition you would be recruiting against. We recruit commercial relationship managers, banking teams, and market leaders for banks building in markets like Essex County, on a retained basis.
Start a confidential conversation